Does Monetarism fit the UK Facts?

Alan Budd, Sean Holly, Andrew Longbottom and David Smith

A chapter in Monetarism in the United Kingdom, 1984, pp 75-119 from Palgrave Macmillan

Abstract: Abstract This paper is arranged as follows. Section I discusses definitions of ‘monetarism’ and proposes a very general meaning which can be derived, with minimal restrictions from a widely accepted model of the economy. We suggest that the two principle propositions to be tested are (a) that there is a stable demand for money and (b) that changes in the money supply have been an independent source of changes in prices. Section II examines the long-run relationship between money and nominal income. It reports previous empirical studies and also presents long-run graphical evidence. Section III examines in more detail the question of ‘causality’. The conclusions are summarised in the final section.

Keywords: Exchange Rate; Monetary Policy; Price Level; Money Supply; Government Debt (search for similar items in EconPapers)
Date: 1984
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-06284-3_6

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DOI: 10.1007/978-1-349-06284-3_6

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